Hyloris HY-094 license and distribution agreement in China

Hyloris announced that an exclusive license and distribution agreement has been signed with Grand Life Sciences Group for HY-094 in iron deficiency in China. While specific financial numbers were not disclosed, Hyloris and partner AFT will share the eligible upfront, milestones, and royalties. We view this China deal as a good start, but note that the country represents a small fraction (approx. $ 150m by 2033) of the global iron IV market, expected to reach $ 7.4b by 2033, and look forward to additional agreements in larger markets e.g. US/EU, which could emerge as the product is progressing to phase 3 and is expected to reach regulatory submission after study completion in 2028. With no material changes to the business case, we reiterate our € 6 TP and HOLD rating.